Segment information (Tables)

6 Months Ended

Jun. 30, 2025

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2025 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	5,723	$	1,938	$	733	$	3,620	$	380	$	1,802	$	14,196
Net premiums earned	5,177		1,681		598		3,542		338		1,789		13,125
Losses and loss expenses	3,258		822		483		1,789		132		20
Policy benefits	—		—		—		129		—		1,249
Policy acquisition costs	705		332		48		913		98		319
Administrative expenses	357		82		2		369		10		199
Underwriting income	857		445		65		342		98		NM
Net investment income	938		118		19		278		85		274
Other (income) expense	8		—		—		5		—		(37)
Amortization of purchased intangibles	2		2		6		19		—		8
Segment income	$	1,785	$	561	$	78	$	596	$	183	$	305	$	3,508
Net realized gains (losses)													160
Market risk benefits gains (losses)													(17)
Interest expense													181
Integration expenses													2
Corporate underwriting loss													(176)
Corporate net investment loss													(29)
Corporate other (income) expense													(528)
Corporate amortization of purchased intangibles													37
Other reclassification													(38)
Income before income tax													$	3,716

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Three Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	5,501	$	1,776	$	758	$	3,334	$	411	$	1,580	$	13,360
Net premiums earned	4,900		1,512		626		3,347		339		1,568		12,292
Losses and loss expenses	3,074		876		543		1,671		155		22
Policy benefits	—		—		—		92		—		1,031
Policy acquisition costs	660		299		45		842		80		300
Administrative expenses	327		88		3		348		11		218
Underwriting income	839		249		35		394		93		NM
Net investment income	863		108		21		283		58		258
Other (income) expense	15		(2)		—		4		—		(32)
Amortization of purchased intangibles	—		2		7		20		—		11
Segment income	$	1,687	$	357	$	49	$	653	$	151	$	276	$	3,173
Net realized gains (losses)													104
Market risk benefits gains (losses)													(29)
Interest expense													182
Integration expenses													7
Corporate underwriting loss													(192)
Corporate net investment loss													(32)
Corporate other (income) expense													7
Corporate amortization of purchased intangibles													40
Other reclassification													(82)
Income before income tax													$	2,706

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2025 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	10,510	$	3,490	$	1,009	$	7,523	$	788	$	3,522	$	26,842
Net premiums earned	10,165		3,255		763		6,751		706		3,485		25,125
Losses and loss expenses	6,289		2,915		575		3,186		374		46
Policy benefits	—		—		—		242		—		2,412
Policy acquisition costs	1,424		662		65		1,750		198		629
Administrative expenses	701		169		4		699		20		401
Underwriting income (loss)	1,751		(491)		119		874		114		NM
Net investment income	1,867		238		43		559		155		545
Other (income) expense	16		1		1		11		—		(72)
Amortization of purchased intangibles	3		4		12		38		—		18
Segment income (loss)	$	3,599	$	(258)	$	149	$	1,384	$	269	$	596	$	5,739
Net realized gains (losses)													44
Market risk benefits gains (losses)													(109)
Interest expense													362
Integration expenses													2
Corporate underwriting loss													(295)
Corporate net investment loss													(56)
Corporate other (income) expense													(495)
Corporate amortization of purchased intangibles													74

Income before income tax													$	5,380

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	10,190	$	3,232	$	1,007	$	7,169	$	770	$	3,213	$	25,581
Net premiums earned	9,780		2,983		754		6,545		634		3,179		23,875
Losses and loss expenses	6,249		1,775		592		3,097		292		54
Policy benefits	—		—		—		192		—		2,101
Policy acquisition costs	1,348		599		66		1,665		161		594
Administrative expenses	655		174		5		679		20		425
Underwriting income	1,528		435		91		912		161		NM
Net investment income	1,689		210		42		550		115		488
Other (income) expense	22		(1)		—		9		—		(72)
Amortization of purchased intangibles	—		4		13		40		—		21
Segment income	$	3,195	$	642	$	120	$	1,413	$	276	$	544	$	6,190
Net realized gains (losses)													3
Market risk benefits gains (losses)													(8)
Interest expense													360
Integration expenses													14
Corporate underwriting loss													(309)
Corporate net investment loss													(58)
Corporate other (income) expense													(61)
Corporate amortization of purchased intangibles													82
Other reclassification													(81)
Income before income tax													$	5,342

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.